Investor Presentation

Report
250
200
$ in millions
150
100
50
0
2012A
2013A
2014E
2015E
-50
Revenue
(1) 2014E
EBITDA
based on midpoint of guidance for revenue of $110-120 million and adjusted EBITDA of $22-24 million. 2015E based on guidance for revenue of $230 million and
adjusted EBITDA of $95 million. Excludes transaction related expenses and non-cash items.
Three Months Ended 9/30 ($ MM)
Nine Months Ended 9/30 ($ MM)
$80.0
$35.0
$31.5
$70.0
$30.0
$60.0
$25.0
$50.0
$20.0
$18.3
$40.0
$30.0
$15.0
$10.0
$20.0
$6.9
$10.0
$5.0
$0.0
$0.0
($10.0)
($5.0)
$67.9
$60.9
($2.0)
Three Months Ending 9/30/13 Three Months Ending 9/30/14
$1.0
($7.3)
($20.0)
Nine Months Ending 9/30/13
Nine Months Ending 9/30/14
$25.0
$20.0
$ in millions
$15.0
$10.0
$5.0
$0.0
($5.0)
($10.0)
1Q 2013
(1) 4Q
2Q 2013
3Q 2013
4Q 2013
2013
2014E and 2014E based on midpoint of 2014E guidance for Adj. EBITDA of $22 – 24 million.
1Q 2014
2Q 2014
3Q 2014
4Q 2014E
2014E
Doug Drysdale
Chairman, President, CEO
Alvogen, Actavis, Alpharma, Forest, Elan,
DuPont Merck
Terry Novak
COO
BMS, Innovex, DSM, Patheon, Alvogen
Sanjay Patel
CFO
Cantor Fitzgerald, Clinton Health Access
Initiative, Sectoral Asset Management, UBS
Rick Shalaby
SVP Commercial Operations
Merck, PDI, Amarin
Barry Siegel
SVP General Counsel
Buchanan Ingersoll & Rooney PC
Alex Mironov
SVP Corporate Development
Alvogen, Inspirion, Pfizer, Ranbaxy
Silenor
Other
Treximet
(1) Chart reflects net revenue mix for 2015E
Monthly Retail Sales(1) ($ MM)
$25.0
Pernix sales from
Sept 2014
$20.0
$15.0
$10.0
$5.0
1) Source:
Symphony Health Source Pharmaceutical Audit Suite (PHAST).
October-14
September-14
August-14
July-14
June-14
May-14
April-14
March-14
February-14
January-14
December-13
November-13
October-13
$0.0
A Good Day Starts at Night
1,000
Source: Symphony Health Source Pharmaceutical Audit Suite (PHAST)
11/21/14
11/14/14
11/7/14
10/31/14
10/24/14
10/17/14
10/10/14
10/3/14
9/26/14
9/19/14
9/12/14
9/5/14
8/29/14
8/22/14
8/15/14
8/8/14
8/1/14
7/25/14
7/18/14
7/11/14
7/4/14
2,000
6/27/14
6/20/14
6/13/14
6/6/14
5/30/14
5/23/14
5/16/14
5/9/14
5/2/14
4/25/14
4/18/14
4/11/14
4/4/14
3/28/14
3/21/14
3/14/14
3/7/14
2/28/14
2/21/14
2/14/14
2/7/14
1/31/14
1/24/14
1/17/14
1/10/14
1/3/14
12/27/13
12/20/13
12/13/13
12/6/13
11/29/13
11/22/13
2,200
Silenor New Campaign
& Sales Force Expansion
Re-launch with
original sales
force alignment
1,800
1,600
1,400
1,200
Silenor Monthly Prescriptions
Silenor Unique Prescribers
5,000
10,000
9,000
4,500
8,000
4,000
7,000
6,000
3,500
5,000
3,000
4,000
2,500
3,000
2,000
2,000
NRx
Source: Symphony Health Source Pharmaceutical Audit Suite (PHAST)
TRx
Study
Status
Timelines
Treximet Adolescent
sNDA submitted November 2014
Approximately 6 months
Treximet Alternate Dose
CRO agreements executed;
Protocol in final stages of
development
Begin enrollment 2Q 2015
Silenor Arousability
Study site selected; Protocol
finalized
Begin enrollment in January 2015
Silenor OTC program
Protocol and strategy in
development stage
Request for FDA meeting 1Q 2015
Plan to file IND in 2015
Leverage Commercial
Infrastructure
Chronic vs. Acute
Patient Compliance
• Leverage 100-person specialty sales force
• US products/assets in complementary therapeutic areas
• Preference for chronic-use / refill products
• De-emphasis on acute / single-use products
• Preference for compliant patient populations (e.g. women’s health)
• Direct pharmacy to improve patient contact and follow-up
Pricing Power /
Reimbursement
• Products that serve an unmet need
• Patient-types or products with price robustness
Franchise Depth
• 505(b)2 and novel development programs with long exclusivities
• Driving towards innovation, late-stage development
(in millions)
June 30, 2014
September 30, 2014
Balance Sheet
Cash
$60.8
$16.4
Debt
$78.1
$303.8
Weighted Average Basic shares
outstanding
37.8
38.2
Fully-diluted shares outstanding(1)
58.4
58.2
Capitalization
(1) Reflects diluted share count at the end of each period, including dilutive impact of convertible debt, in-the-money outstanding options and
warrants, and non-vested restricted stock.
(in millions)
Revenue
Adjusted EBITDA
2014E
4Q 2014E
Implied
2015E
$110-120
$42 - $52
$230
$22-24
$21 - $23
$95
Large Market
Opportunities
• 2013 triptan sales of $4.7
billion
– Treximet has 2%
share by volume
• Treximet pediatric sNDA
submitted Nov 2014
– Migraine has 8% 23% prevalence in
children 11 or older
• 70 million adults in the
U.S. affected by insomnia
– Silenor has 0.2%
share by volume
Enhanced Promotion
• Promotion-sensitive
brands (Treximet, Silenor,
Cedax)
• Expanded specialty sales
force to cover 97% of
business
• Re-launched Silenor in
May 2014
• Interim launch of
Treximet in September
2014
– Full re-launch in 1Q
2015
Managed Care &
Pharmacy Initiatives
• Managed care initiatives
to expand access to key
brands and maintain
unrestricted coverage
– Maintained 140+
million coverage lives
for Treximet with no
material changes
post-transition
– Added 58+ million
coverage lives for
Silenor
• Pharmacy programs in
place to prevent denials,
rejections or switches
Focus on Innovation
• Treximet pediatric sNDA
submitted
• Other key studies to
begin in 2015:
– Treximet alternative
dose
– Silenor Arousability
– Silenor OTC

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